Ampal Announces Purchase of 2.45% Of Floware Wireless Systems Ltd.

NEW YORK--(BUSINESS WIRE)--Sept. 8, 1999--

Ampal-American Israel Corporation (AMEX:AIS) announced today that its wholly-owned subsidiary Ampal Industries (Israel) Ltd. made an investment of $2.5 million to acquire an approximately 2.45% interest in Floware Wireless Systems Ltd. ("Floware"). This investment is made as part of Ampal's decision to expand its investments in the telecommunications and technology sectors in Israel.

Floware develops products that enable the transmission of broadband wireless services from Point to Multi-Point (PMP) presence in the local loop. Floware offers highly competitive broadband wireless system solutions that allow new telecom operators to easily connect business customers to their networks. Floware specializes in broadband/wideband PMP wireless access solutions for the growing deregulated telecommunications marketplace worldwide. Floware's wireless access technology helps new telecom operators provide cost-effective data and voice communications for their business customers.

Ampal and its subsidiaries primarily acquire interests in businesses located in the State of Israel or that are Israel-related. An important objective of Ampal is to make investments in companies, which take advantage of the growth in Israel's high technology sector. Ampal and its subsidiaries have diversified interests in the following sectors: high technology and communications, real estate, leisure-time, energy distribution and industry.